Tax Advantages of Owning an RV in Reno Nevada
Did you know that purchasing an RV has its tax advantages providing that certain qualifications are met in Reno Nevada? Learn about a few RV tax advantages that you may qualify for.
According to an article at bankrate.com, “Tax Options When Purchasing an RV“
“The RV industry and hopeful RV buyers may benefit from provisions included in the recent economic stimulus package. Phil Ingrassia, vice president for communications for the National RV Dealers Association, says the tax provisions involving RVs may help boost sales. The American Recovery and Reinvestment Act include a tax provision that allows a portion of the sales or excise tax paid on the purchase of a new motor home to be deducted. The deduction is applicable to taxes on the first $49,500 of the purchase price. Individuals with an adjusted gross income of up to $125,000 and joint filers with an adjusted gross income of up to $250,000 are eligible for the deduction.
“We’re hopeful that federal credit and stimulus packages will help free up credit and contribute to the RV industry’s recovery,” says Richard Coon, president of the Recreation Vehicle Industry Association.
Existing tax breaks
Even before the stimulus legislation, RV owners had some tax advantages. The interest paid on most RV loans is tax-deductible as home mortgage interest, provided the following qualifications are met:
- The RV must be used as security for the loan.
- The RV must have basic sleeping, cooking and toilet facilities.
- The RV must be rented out less than 15 days per year.
- Interest expense deductions on the RV must exceed the taxpayer’s standard deduction.
- Taxpayers may not claim the interest from more than two qualified homes on their tax returns.”
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